ESMA publishes peer review report on the supervision of EMIR data quality

European Market Infrastructure Regulation (EMIR)

The EMIR regulation has been implemented at the initiative of the European Commission to make trading in ‘over the counter’ derivatives more transparent and safer. ‘Over the counter’ derivatives means derivatives that are not traded on an exchange but are agreed on individually between companies. The companies which come under EMIR must provide this data to the supervisory authorities. ESMA has investigated what actions the European supervisory authorities are undertaking to improve the quality of the reported EMIR data.

Data-driven supervisory authority

The Dutch Financial Markets Authority (AFM) is one of six national regulators which investigated the supervision of data quality supplied to EMIR. Because improvements are required across the board, the AFM considers it important that a fundamental evaluation take place of the current action plan for data quality. Furthermore, the Dutch regulator is convinced that the supervisory authorities with the largest derivatives markets, supported by ESMA, have a key role to play. Reliable EMIR data is an absolute necessity for a data-driven regulator like the AFM. Consequently, the AFM keeps broadening and enhancing its systems and checks.

European regulatory practice

It is ESMA’s task to create a common European regulatory practice by promoting a common regulatory approach. ESMA is working in this role for the consistent application of EMIR.

Journalist may contact Yolanda Bieckmann, AFM press officer, via 020  - 797 24 35 of yolanda.bieckmann@afm.nl.

More information

Link to peer review into supervisory actions aiming at enhancing the quality of data reported under EMIR